Bitcoin is currently in the midst of a significant price rally. Thus, many experts have come out to say that the bad days are over for the top-ranked cryptocurrency. However, one trader believes that BTC will still see another dip before soaring to a new all-time high (ATH).
Bitcoin hasn’t Seen Bottom Yet
I don’t actually think we’ve seen the worst.
Hayes expects the current price rally to take BTC up to maybe $8,000 or $90,000. The Bitmex chief identified $10,000 as the most optimistic projection for the current BTC price increase. After this point, Hayes expects another massive drop that will see the number-one ranked token based on market capitalization set a new low for 2018.
I would like to see us test 5,000 to really see if we put a bottom in.
In June 2018, Bitcoin twice fell below $6,000 setting a new 2018 low at $5,700. Experts like TenX founder, Julian Hosp, predicted that BTC would dip close to $5,000 before setting a new ATH later in the year. Hosp’s end of year price forecast was $60,000.
Bitcoin is currently trading slightly above the $7,400 mark, an increase of almost 20 percent in the last 20 days. BTC last traded above $7,000 in mid-June before going on a massive dip that saw the asset drop $1,000 in a matter of hours.
Bitcoin Will Hit $50,000 by the End of 2018
Hayes still believes that his $50,000 BTC end of year price forecast can still come true. In an email to CNBC, the Bitmex chief said:
I think the current rally will top out close to but not greater than $10,000. Then we will fall and test $5,000. If that holds then we can rally to $50,000 by year-end.
Arthur Hayes also warned traders to be wary of the summer months because according to him, investors tend to cool off a bit. However, by the end of Q3 and the start of Q4 2018, Hayes expects the bullish sentiment to return once again.
Do you agree with Arthur Hayes’ BTC price analysis? What is your end of year BTC price forecast? Keep the conversation going in the comment section below.
Image courtesy of Coinmarketcap.